10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||||||||||||
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10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROLOGIS, INC. | |||
Ticker: PLD Fiscal Year: 2019 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2019 10-K (Filed: Feb 11, 2020) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
| Operating activities: | |||
| Consolidated net earnings | $ 1,701,846 | 1,822,960 | 1,760,959 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
| Straight-lined rents and amortization of above and below market leases | (98,426) | (66,938) | (81,021) |
| Equity-based compensation awards | 97,557 | 76,093 | 76,640 |
| Depreciation and amortization | 1,139,879 | 947,214 | 879,140 |
| Earnings from unconsolidated entities, net | (200,178) | (298,260) | (248,567) |
| Operating distributions from unconsolidated entities | 346,517 | 349,877 | 307,220 |
| Decrease (increase) in operating receivables from unconsolidated entities | 11,557 | (39,890) | (30,893) |
| Amortization of debt discounts and debt issuance costs, net | 17,006 | 12,653 | 751 |
| Gains on dispositions of development properties and land, net | (467,577) | (469,817) | (327,528) |
| Gains on other dispositions of investments in real estate, net | (390,241) | (371,179) | (855,437) |
| Unrealized foreign currency and derivative losses (gains), net | 70,693 | (120,358) | 68,956 |
| Losses on early extinguishment of debt, net | 16,126 | 2,586 | 68,379 |
| Deferred income tax expense (benefit) | 12,221 | 1,448 | (5,005) |
| Decrease (increase) in accounts receivable, lease right-of-use assets and other assets | (108,165) | (72,955) | 37,278 |
| Increase in accounts payable and accrued expenses, lease liabilities and other liabilities | 115,219 | 30,125 | 36,374 |
| Net cash provided by operating activities | 2,264,034 | 1,803,559 | 1,687,246 |
| Investing activities: | |||
| Real estate development | (1,795,137) | (1,953,144) | (1,606,133) |
| DCT Transaction, net of cash acquired | 0 | (45,870) | 0 |
| Real estate acquisitions | (1,006,043) | (999,131) | (442,696) |
| Tenant improvements and lease commissions on previously leased space | (179,274) | (134,868) | (153,255) |
| Property improvements | (143,029) | (93,073) | (110,635) |
| Proceeds from dispositions and contributions of real estate properties | 2,331,623 | 2,310,388 | 3,236,603 |
| Investments in and advances to unconsolidated entities | (276,169) | (160,358) | (249,735) |
| Acquisition of a controlling interest in unconsolidated entities, net of cash received | 0 | 0 | (374,605) |
| Return of investment from unconsolidated entities | 389,463 | 360,278 | 209,151 |
| Proceeds from repayment of notes receivable backed by real estate | 0 | 34,260 | 32,100 |
| Proceeds from the settlement of net investment hedges | 23,640 | 29,425 | 7,541 |
| Payments on the settlement of net investment hedges | (30,424) | (11,703) | (5,058) |
| Net cash provided by (used in) investing activities | (685,350) | (663,796) | 543,278 |
| Financing activities: | |||
| Proceeds from issuance of common stock/units | 6,082 | 6,891 | 32,858 |
| Dividends/distributions paid on common and preferred stock/units | (1,345,660) | (1,123,367) | (942,884) |
| Repurchase of preferred stock/units | 0 | 0 | (13,182) |
| Noncontrolling interests contributions | 11,604 | 170,066 | 240,925 |
| Noncontrolling interests distributions | (164,419) | (224,850) | (207,788) |
| Settlement of noncontrolling interests | (109,811) | (75,920) | (813,847) |
| Tax paid for shares withheld | (22,434) | (26,508) | (19,775) |
| Debt and equity issuance costs paid | (17,656) | (17,446) | (7,054) |
| Net proceeds from (payments on) credit facilities | 127,566 | (674,559) | 283,255 |
| Repurchase of and payments on debt | (3,301,827) | (4,166,088) | (3,578,889) |
| Proceeds from the issuance of debt | 3,976,956 | 4,899,680 | 2,419,797 |
| Net cash used in financing activities | (839,599) | (1,232,101) | (2,606,584) |
| Effect of foreign currency exchange rate changes on cash | 5,914 | (10,852) | 15,790 |
| Net increase (decrease) in cash and cash equivalents | 744,999 | (103,190) | (360,270) |
| Cash and cash equivalents, beginning of year | 343,856 | 447,046 | |
| Cash and cash equivalents, end of year | 1,088,855 | 343,856 | 447,046 |
| Consolidated Entities | |||
| Prologis, L.P. | |||
| Consolidated net earnings | 1,701,846 | 1,822,960 | 1,760,959 |
| Straight-lined rents and amortization of above and below market leases | (98,426) | (66,938) | (81,021) |
| Equity-based compensation awards | 97,557 | 76,093 | 76,640 |
| Depreciation and amortization | 1,139,879 | 947,214 | 879,140 |
| Earnings from unconsolidated entities, net | (200,178) | (298,260) | (248,567) |
| Operating distributions from unconsolidated entities | 346,517 | 349,877 | 307,220 |
| Decrease (increase) in operating receivables from unconsolidated entities | 11,557 | (39,890) | (30,893) |
| Amortization of debt discounts and debt issuance costs, net | 17,006 | 12,653 | 751 |
| Gains on dispositions of development properties and land, net | (467,577) | (469,817) | (327,528) |
| Gains on other dispositions of investments in real estate, net | (390,241) | (371,179) | (855,437) |
| Unrealized foreign currency and derivative losses (gains), net | 70,693 | (120,358) | 68,956 |
| Losses on early extinguishment of debt, net | 16,126 | 2,586 | 68,379 |
| Deferred income tax expense (benefit) | 12,221 | 1,448 | (5,005) |
| Decrease (increase) in accounts receivable, lease right-of-use assets and other assets | (108,165) | (72,955) | 37,278 |
| Increase in accounts payable and accrued expenses, lease liabilities and other liabilities | 115,219 | 30,125 | 36,374 |
| Net cash provided by operating activities | 2,264,034 | 1,803,559 | 1,687,246 |
| Real estate development | (1,795,137) | (1,953,144) | (1,606,133) |
| DCT Transaction, net of cash acquired | 0 | (45,870) | 0 |
| Real estate acquisitions | (1,006,043) | (999,131) | (442,696) |
| Tenant improvements and lease commissions on previously leased space | (179,274) | (134,868) | (153,255) |
| Property improvements | (143,029) | (93,073) | (110,635) |
| Proceeds from dispositions and contributions of real estate properties | 2,331,623 | 2,310,388 | 3,236,603 |
| Investments in and advances to unconsolidated entities | (276,169) | (160,358) | (249,735) |
| Acquisition of a controlling interest in unconsolidated entities, net of cash received | 0 | 0 | (374,605) |
| Return of investment from unconsolidated entities | 389,463 | 360,278 | 209,151 |
| Proceeds from repayment of notes receivable backed by real estate | 0 | 34,260 | 32,100 |
| Proceeds from the settlement of net investment hedges | 23,640 | 29,425 | 7,541 |
| Payments on the settlement of net investment hedges | (30,424) | (11,703) | (5,058) |
| Net cash provided by (used in) investing activities | (685,350) | (663,796) | 543,278 |
| Proceeds from issuance of common stock/units | 6,082 | 6,891 | 32,858 |
| Dividends/distributions paid on common and preferred stock/units | (1,396,051) | (1,168,133) | (980,105) |
| Repurchase of preferred stock/units | 0 | 0 | (13,182) |
| Noncontrolling interests contributions | 11,604 | 170,066 | 240,925 |
| Noncontrolling interests distributions | (114,028) | (180,084) | (170,567) |
| Settlement of noncontrolling interests | (22,471) | (22,728) | (790,016) |
| Redemption of common limited partnership units | (87,340) | (53,192) | (23,831) |
| Tax paid for shares of the Parent withheld | (22,434) | (26,508) | (19,775) |
| Debt and equity issuance costs paid | (17,656) | (17,446) | (7,054) |
| Net proceeds from (payments on) credit facilities | 127,566 | (674,559) | 283,255 |
| Repurchase of and payments on debt | (3,301,827) | (4,166,088) | (3,578,889) |
| Proceeds from the issuance of debt | 3,976,956 | 4,899,680 | 2,419,797 |
| Net cash used in financing activities | (839,599) | (1,232,101) | (2,606,584) |
| Effect of foreign currency exchange rate changes on cash | 5,914 | (10,852) | 15,790 |
| Net increase (decrease) in cash and cash equivalents | 744,999 | (103,190) | (360,270) |
| Cash and cash equivalents, beginning of year | 1,088,855 | 447,046 | 447,046 |
| Cash and cash equivalents, end of year | 1,088,855 | 447,046 | 447,046 |
| External Links | |
| PROLOGIS, INC. (PLD) Fiscal Year 2019 | |
| Statements of 10-K in Excel | https://www.sec.gov/.../Financial.xlxs |
| Complete 10-K in HTML | https://www.sec.gov/.../10-K.html |
| Complete 10-K in XBRL | https://www.sec.gov/.../10-K-xbrl.zip |